Burnham Holdings Secures $130 Million Credit Line for Expansion

The new financing package, arranged through Wells Fargo Bank and Fulton Bank, raises the company’s total borrowing capacity from $92 million to $130 million. This structure includes an $80 million revolving credit line supplemented by a $50 million accordion feature. By pushing the maturity date to August 2031, the company gains a longer runway to navigate market fluctuations while utilizing a more flexible covenant framework.

Chief Financial Officer Nick Ribich stated that the agreement signals strong banking confidence in the firm’s long-term strategy. The facility carries interest rates pegged to the Secured Overnight Financing Rate, with the company retaining the right to repay borrowings at any time. Ernst & Young’s Debt Capital Markets Group managed the competitive selection process, while legal counsel was provided by McNees Wallace and Nurick LLC.